The President of the United States Securities Commission (SEC), Gary Gensler, has added a new staff member who will offer advice regarding cryptocurrency policy making and inter-agency work.
In an announcement Thursday, the SEC said that Corey Frayer will join Gensler’s executive staff as a senior advisor on the agency’s cryptocurrency oversight. Frayer has served as a professional staff member of the Senate Banking Committee, as well as a senior policy advisor to the House Financial Services Committee Maxine Waters and Brad Miller.
Frayer’s appointment to the executive staff of the SEC chairman came alongside those of Philipp Havenstein, Jennifer Songer Y Jorge Tenreiro, They will work as an operations advisor, investment management advisor, and application advisor, respectively. Gensler cited “valuable advice from new staff on agency policy, enforcement and operations” when appointing them to the team.
The SEC, the Commodity Futures Trading Commission and the Financial Crimes Control Network are in charge of the regulation of digital assets in the United States, but each of them with different jurisdictional demands, resulting in a mosaic approach that crypto firms must navigate to operate legally. Having been confirmed by the United States Senate in April, Gensler will likely continue as SEC chairman until 2026.
Frayer’s appointment to his staff could affect Gensler’s public position on crypto-related policy changes. The SEC chairman is arguably one of the most knowledgeable people about cryptocurrency and blockchain technology to ever hold his post, but he has raised concerns about exchange-traded funds with exposure to cryptocurrencies such as Bitcoin (BTC). He has long urged cryptocurrency projects to register with the SEC, specifically saying they should “get in” and work with regulators.
The SEC’s leadership is likely to change in 2022 following the departure of Commissioner Elad Roisman in January and the expiration of Commissioner Allison Lee’s term, which is slated for June. This leaves President Joe Biden with the opportunity to choose financial experts who could have significant influence on cryptocurrency-related policy.
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